While home prices have increased since the first of the year, unit sales have stayed relatively the same. Median home prices in Ada County have increased 14% while average prices have increased 12%. Despite the rapid increase in prices, unit sales this year to date are within one percent of unit sales for the same period last year.
The inventory of homes has increased by 13% in the last year, but we still have less than two months' supply.
Two-thirds of our sales this year have been resales compared to one-third new homes. It's interesting to note that the price per square foot of resale homes sold this year is within 5 percent of the price per square foot of new homes. As you can see from the chart below, the difference in price per square foot between new and resale homes is usually much greater than it has been so far this year.
You may see slightly differrent statistics in different market reviews. Some market reports cover only single family detached homes while, in addition, we cover condominiums, townhouses and single family homes with up to 2 acres.